Convenience Samples

question 34

Multiple Choice

Convenience samples

• A)take place at 7-11,Stop & Go or other convenience stores.
• B)are nonprobability samples.
• C)are typically not representative of the entire population.
• D)Both a and b.
• E)Both b and c.

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Definitions:

Equilibrium

The point at which the quantity of a product or service demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.

Market Equilibrium

The condition in which a market's supply and demand balance each other, and as a result, prices become stable.

Consumer Surplus

The gap between the aggregate sum consumers can and are willing to spend on a good or service versus the amount they really spend.

Equilibrium

The state in which market supply and demand balance each other, resulting in stable prices and quantities.